Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
- A. Le 185,100
- B. Le 139,200
- C. Le 136,200
- D. Le 131,200
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
- A. Le 42,200
- B. Le 37,200
- C. Le 32,200
- D. Le 19,200
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
- A. Le 47,200
- B. Le 42,200
- C. Le 37,200
- D. Le 19,800
A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit
- A. regina's account ₦27 : credit cash account ₦27
- B. cash account ₦27 : credit Regina's account ₦27
- C. Regina's account ₦143 : credit cash account ₦143
- D. cash account ₦143 : credit Regina's account ₦143
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?
- A. authorized capital
- B. registered capital
- C. issued capital
- D. norminal capital
The purchase of furniture, an asset to the company was debited to purchases account. This is an error of
- A. omission
- B. original entry
- C. principle
- D. commission
Which of the following is not an item in the appropriation account of a company?
- A. general reserve
- B. company tax
- C. debenture interest
- D. goodwill written off
The difference between factory cost of goods produced and its market value is
- A. interest
- B. premium
- C. manufacturing profit
- D. manufacturing overhead
Which of the following is not a debit item in partners appropriation account?
- A. interest on capital
- B. salary
- C. share of profit
- D. share of loss
Use the following information
\(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Closing capital is
- A. ₦81,000
- B. ₦78,000
- C. ₦74,000
- D. ₦64,000
Use the following information
\(\begin{array}{c|c} & ₦ \\\hline \text{Opening capital} & 60,000 \\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Net profit is
- A. ₦ 43,000
- B. ₦25,000
- C. ₦23,000
- D. ₦18,000
Which of the following is not a debit item in a partnership appropriation account?
- A. capital
- B. drawings
- C. creditors
- D. bank balance
Which of the following is a debit entry in debtors control account?
- A. credit sales
- B. bad debts
- C. returns inwards
- D. discounts allowed
Final accounts of a not-for-profit making organization is made up of
- A. subscription accounts and income and expenditure accounts
- B. subscriptions accounts and balance sheet
- C. income and expenditure account and balance sheet
- D. receipts snd payments account and income and expensiture account
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is
- A. ₦9,000
- B. ₦6,000
- C. ₦3,000
- D. ₦2,400
Which of the following is not a characteristic of a computer?
- A. large storage capacity
- B. ver fast
- C. highly accurate
- D. highly diligent
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
- A. ₦176,000
- B. ₦166,000
- C. ₦160,000
- D. ₦16,000
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was
- A. ₦16,000
- B. ₦10,000
- C. ₦5,400
- D. ₦1,400
Returns inwards is also called
- A. purchases returns
- B. sales returns
- C. goods on sales or return
- D. goods in transit
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
- A. materials available
- B. production
- C. sales
- D. materials used
Which of the following is the effect of an increase in the provision for discount allowed?
- A. increase in net profit
- B. decrease in ross profit
- C. decrease in net profit
- D. increase in gross profit